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Unemployed Last Year? Buying Health Insurance This Year? You May Benefit From Favorable New Changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.

Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return is due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). If you can’t file by that date, you can request an extra five months to file your 2020 tax return by October 15, 2021. Your 2021 return will be due in April of 2022.

1.Some unemployment compensation from last year is tax free.

Many people lost their jobs last year due to pandemic shutdowns. Generally, unemployment compensation is included in gross income for federal tax purposes. But thanks to the American Rescue Plan Act (ARPA), enacted on March 11, 2021, up to $10,200 of unemployment compensation can be […]

By Linkenheimer LLP|2021-04-20T19:30:26+00:00April 20th, 2021|tax credit|0 Comments

SBA Loans and the Paycheck Protection Program

Dear clients, family and friends,

We hope you all are well and safe. At Linkenheimer, our staff continue to work hard from home to help our clients find peace of mind and navigate this difficult, evolving situation. As the shelter in place continues for Sonoma County and California, we understand that many of our clients are feeling the stress of protecting and paying employees, managing rent and overhead costs and keeping their business afloat. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate future is the Paycheck Protection loan program (PPP). This new program will provide up to $349 billion in federally guaranteed loans for small businesses. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration […]

By Linkenheimer LLP|2020-09-03T20:03:11+00:00April 3rd, 2020|business, employer, federal, filing deadline, New Tax Laws, self employed, small business, tax cuts, tax deadlines, tax deductions|0 Comments